The US dollar hit a new seven-month high against the Japanese yen during overnight trading, as speculations of additional monetary easing in Japan caused investors to shift their funds to the greenback.

While the euro saw modest gains against the USD last night, analysts were quick to warn that the common-currency could soon turn bearish if euro-zone finance ministers fail to reach an agreement to provide Greece with another round of bailout funds.

The price of crude oil shot up close to $1 a barrel when markets opened for the week, as an increase in Middle East violence led to supply side fears among investors. The commodity is currently trading at $87.66.

Main News for Today

US Existing Home Sales- 15:00 GMT
• Analysts are expecting the indicator to come in slightly above last month’s
• Any better than expected news could help the dollar extend its recent bullish trend against the yen